As consumers are forced to make hard decisions about where they spend their money, brands that rely on tired loyalty tactics may struggle to keep up.
While most US consumers are more likely to buy from brands with good loyalty programs, according to Bond, 58% of those ages 18 and older told Dynata they’re less loyal to brands due to rising costs. And 65% of consumers had recently canceled memberships to cut costs as of Q1 2022, per PYMNTS.com and sticky.io.
Retail and streaming platforms poised to gain digital ad revenue in 2023: Spotify and other newer players in advertising will see faster growth than Meta and Google.
It partnered with merchants and mobile wallets to offer customers coupons and discounts across select markets in Asia-Pacific and Europe.
As the costs of doing business increase, direct-to-consumer (D2C) brands are struggling to find and keep customers. Some brands are selling their products through Amazon to capitalize on its search power. Others are turning to brick-and-mortar stores to help out.
Amazon continued to dominate ecommerce in 2022: But advertising, not retail, was the company’s biggest success story this year—although not enough to prevent the layoffs of 20,000 employees.
The luxury market remains strong: Over three-quarters of luxury shoppers plan to spend the same or more on holiday purchases this year.
Amazon will make changes to its EU business to avoid heavy fines: The retailer has promised to open up access to its buy box and stop using seller data for its private label business.
Will the promise of same-day delivery—often accompanied by additional fees—be enough to woo consumers away from the ecommerce giant?
Orders made via buy now, pay later (BNPL) increased 85% over Cyber Five, according to Adobe Analytics. “It’s a win-win for retailers” as it increases basket size and boosts conversion rates, our analyst Grace Broadbent said on the “Behind the Numbers: Reimagining Retail” podcast.
The interest-bearing accounts can help Wise compete with money transfer rivals, but it might struggle to get mainstream adoption.
Travel industry poised to keep climbing in 2023: Though inflation and the chance of a recession could cause some turbulence, pent-up demand will buoy airlines and hotels.
US retail sales fell 0.6% in November: But spending on services like restaurants and travel continues to grow as shoppers prioritize experiences over physical goods.